Scrabble Strategy for Banks – Tips for Earning Customer Retention

Bankers need to consider having one single platform for on-boarding customers, which can deliver all the requirements for a digital on-boarding experience.

Those who Scrabble (the game that can be used as a verb in its own right) will vouch for the fact that it is more than just a word game. Believe it or not, apart from being a friendly competitive game it can work as a marraige stabalizer, a tension diffusor, an alzheimer eluder, and much more! Here, though, we will talk of scrabble as a strategy teacher, specifically for the bankers out there.

Customer Experience… an S or a Q?

A Newbie to Scrabble land usually experiences an AHA moment when they discover that SH, ZA, OW, XU, and HM are words they can score on! Whereas, PO, TE, EQ, KU, and many more are not! In English scrabble, S is deemed as the most valuable letter tile and rightly so. Think of the easy scores you can get by just appending an S and pluralizing words; like changing apple to apples? On the other hand, Q is supposedly the most problematic letter in Scrabble land, owing to the limitation it poses in word formation.

Cut to the banking scenario, customer apathy has become rampant today. Delivering a ‘wow’ worthy customer experience (the much sought after S) is widely believed to be the panacea for this current customer apathy. However, most banks are unable to master the art of playing their ‘S’ right for customer experience. While retention rates continue to sustain, satisfaction rates have taken a plunge. So, what’s acting as the ‘Q’?

Cracking the Q

The absolute first interaction of your potential customers with your bank decides the course of the future association. It decides whether the customer experience will be an S or a Q. Banks have already realized the need to provide smooth on-boarding experiences to their customers, which are at par with the services of new-age service providers. Therefore, Branch based on-boarding is being complemented by online and mobile channel on-boarding. However, such efforts are acting as blank tiles (blank tiles have zero scores) as they continue to be replicas of their paper and branch based on-boarding processes. And it is causing the spiraling of abandonment rates of online applications.

Issues still left unaddressed

  • Unavoidable visit to the branch for funding or signature cards
  • Lengthy, unfriendly online forms
  • Non-interactive, non-responsive, and unintuitive processes interfaces
  • Poor cross-channel experience

Top 7 tips to deliver a Bingo!

In Scrabble land, you score a bingo if you can use all your 7 tiles at one go to form a word. The perk? 50 extra points over and above the normal word score! Here’s how Bankers can score a Bingo with these 7 tiles

  1. Unified cross-channel experience to customers by allowing them to start application on one channel, save, resume and complete the application in another.
  2. Intelligent Mobile Imaging Capability with auto-extraction and auto-field capture capability to transfer compressed & encrypted files in real-time to the back-end core applications
  3. Treat on-boarding as a sign-up activity with single-click sign-up feature, bypassing cumbersome data entry and support for electronic signature
  4. Automate end-to-end on-boarding lifecycle from lead generation to account creation to online automated funding, with qualification and verification feature integrated
  5. Design for contextual conversation to take place with your customers across all touchpoints
  6. Keep a tab on the statistics, be it total applications initiated, abandonment rate, bottleneck steps, or process exceptions experienced
  7. Offer seamless & intuitive product offerings based on contextual pre-qualification using internal and external insights

Making the strategic choice

1 board, constant rules, 26 letters, and 100 tiles go into making thousands of combinations of letters and words, creating new milestones for scrabble enthusiasts. Akin to the scrabbling world, Bankers need to consider having one single platform for on-boarding customers, which can deliver all the 7 requirements for a digital on-boarding experience.

To know more about the platform that can do end-to-end automation of the on-boarding process from data capture, qualification, identity verification and account funding to account creation click here

Dwiza Saha Dwiza is a content marketing expert and has 4 years of experience in marketing communications. She has hands-on experience in B2B and B2C marketing domains.